Thursday, 22 June 2023, Bengaluru, India
The world’s most extensive online notary network, Notarize, is introducing Proof, a brand-new business and platform for digital identification verifications. Beginning in August, Proof will be the name of the company and the business products Notarize currently offers.
According to founder Patrick Kinsel, Notarize will continue supporting its online notary network, which businesses like Adobe and FedEx utilize. The two brands and platforms will coexist.
The proof is an enterprise-grade platform explicitly made for big banks and real estate firms in response to the surge in Internet transactions. The critical elements of Notarize’s online notary service, which millions of customers have used to execute transactions like real estate e-closings, automobile bills of sale, and documents like proofs of identification and power of attorneys, will still be present.
An identity-assured transaction management platform designed to close identity verification gaps is what’s new with warranty.
It provides various services, including identity verification utilizing biometric technology (such as scanning selfies to make sure they match ID images), 24/7 human identity verification, and signature verification to ensure the person signing is who they claim to be. Like how credit cards are watched, proof checks each transaction for fraud risk. For instance, confirmation marks a signature for inspection if it appears fake.
A risk score based on information including location, device fingerprint, carrier network, and prior rejections is used by Proof to monitor fraud signals. Its transactions are all encrypted, consistent with NIST IAL-2, and will also be AATL compliant later this year.
The National Institute for Science and Technology, or NIST, publishes standards used by businesses and governmental organizations. For instance, the National Highway Transportation Administration mandates that electronic auto purchases adhere to the IAL2 standard, which means that customers must present multiple forms of identity proof.
The Adobe Approved Trust List (AATL), on the other hand, specifies how PDF documents should be cryptographically signed.
According to Kinsel, if Proof does this, it would become the first platform with verified documents as an authentic legal identity following Adobe’s criteria. “Our vision is that everything should be cryptographically signed with identity, and Acrobat is the trusted reader to confirm the authenticity of every action online instantly,” the speaker continued.
One of Notarize’s more than 4,000 notaries will complete the document and transaction if a signer cannot pass Proof’s digital safeguard for automatic verification.
Kinsel told TechCrunch that Notarize’s innovation in identity verification, which includes its ability to verify photo IDs like drivers licences and passports, present identity challenge questions, carry out biometric selfie verification, and confirm data attributes from information like consumer addresses and phone numbers, is leveraged by Proof’s ability to verify identity and flag risk.
Two thousand two hundred businesses have utilized Notarize since its introduction in 2015, including First American, iPostal, Guaranteed Rate, Salesforce, SimpleNexus, SnapDocs, USAA, and Zillow. Since e-signatures are becoming more frequently used in fraudulent transactions as online agreements grow more prevalent, Notarize reports that over 80% of those transactions used identity confirmations.
The proof was developed to broaden Notarize’s services beyond notarization and produce consumer identification confirmations with each transaction that, according to the company, cannot be faked.
The proof was developed by Notarize using a $130 million Series D it raised in 2021 at a valuation of more than $760 million. Camber Creek, Polaris Ventures, and Realogy are among its backers.
[Source of Information : Techcrunch.com]
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